TIDM35NP
RNS Number : 1235N
Oman (Government of Sultanate of)
20 September 2023
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN ANY JURISDICTION
WHERE SUCH RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE
UNLAWFUL
THIS ANNOUNCEMENT RELATES TO THE DISCLOSURE OF INFORMATION THAT
QUALIFIED OR MAY HAVE QUALIFIED AS INSIDE INFORMATION WITHIN THE
MEANING OF ARTICLE 7(1) OF THE MARKET ABUSE REGULATION (EU)
596/2014 ("MAR") AND ARTICLE 7(1) OF THE MARKET ABUSE REGULATION
(EU) 596/2014, AS IT FORMS PART OF UK DOMESTIC LAW BY VIRTUE OF THE
EUROPEAN UNION (WITHDRAWAL) ACT 2018 ("UK MAR")
THE GOVERNMENT OF THE SULTANATE OF OMAN
represented by
THE MINISTRY OF FINANCE
(the "Government")
20 September 2023
THE GOVERNMENT ANNOUNCES SERIES ACCEPTANCE AMOUNTS AND PRICING
FOR THE PURPOSES OF ITS CAPPED OFFERS (AS SUCH TERM IS DEFINED
BELOW) FOR EACH OF ITS OUTSTANDING:
(i) U.S.$1,250,000,000 4.875 PER CENT. NOTES DUE 2025
(XS1944412664/US68205LAA17/68205LAA1) (THE "2025 NOTES");
(ii) U.S.$2,500,000,000 4.750 PER CENT. NOTES DUE 2026
(XS1405777589/US682051AC17/682051AC1) (THE "2026 NOTES"); AND
(iii) U.S.$2,000,000,000 5.375 PER CENT. NOTES DUE 2027
(XS1575967218/US682051AE72/682051AE7) (THE "2027 NOTES",
COLLECTIVELY WITH THE 2025 NOTES AND THE 2026 NOTES, THE "NOTES"
AND TOGETHER WITH THE CERTIFICATES, THE "SECURITIES" AND EACH, A
"SERIES").
Background
On 12 September 2023, the Government announced an invitation to
the holders of: (i) the Certificates to tender any and all such
Certificates for purchase by the Government for cash, subject to
satisfaction or waiver of certain conditions described in the
Tender Offer Memorandum dated 12 September 2023 (as amended by the
announcement of an updated timetable released by the Government
dated 13 September 2023) (the "Tender Offer Memorandum") (such
invitation, the "Any and All Offer"); and (ii) the 2025 Notes, the
2026 Notes and the 2027 Notes to tender such Notes for purchase by
the Government for cash subject to the Maximum Aggregate Note
Purchase Amount (each such invitation, a "Capped Offer" and
together, the "Capped Offers" and together with the Any and All
Offer, the "Offers"), in each case, on the terms and subject to the
conditions set out in the Tender Offer Memorandum. Capitalised
terms used in this announcement but not defined herein have the
meanings given to them in the Tender Offer Memorandum.
Further to its announcements on 12 September 2023, 13 September
2023, 19 September 2023 and 20 September 2023, the Government now
announces the final results and pricing for the purposes of its
Capped Offers.
Final Results of the Capped Offers
The Government intends to accept for purchase U.S.$546,322,000
in aggregate nominal amount of the Notes tendered pursuant to the
Capped Offers, subject to satisfaction or waiver of the conditions
to the Capped Offers set out in the Tender Offer Memorandum on or
prior to the Settlement Date, as follows:
1. in respect of the 2025 Notes, all Non-Competitive Tender
Instructions submitted in an amount of U.S.$244,390,000 without any
pro rata scaling; and
2. in respect of the 2027 Notes, all Non-Competitive Tender
Instructions submitted in an amount of U.S.$301,932,000 without any
pro rata scaling.
The Government does not intend to accept any Competitive Tender
Instructions in respect of the 2025 Notes and 2027 Notes.
Furthermore, the Government does not intend to accept any Tender
Instructions in respect of the 2026 Notes and, accordingly, the
Series Acceptance Amount for the 2026 Notes is U.S.$0.
A summary of the final pricing appears below:
Series Outstanding Clearing Benchmark Purchase Scaling Purchase Series Aggregate Accrued
Principal Spread Security Yield Factor Price Acceptance principal Interest(1)
Amount Rate [1] Amount amount of
Notes
remaining
outstanding
following
settlement of
the Capped
Offers
-------- ---------------- ---------- ---------- --------- -------- --------- ------------- --------------- ------------
2025 U.S.$1,149,156 +55 basis U.S.$986 U.S.$244,390 U.S.$904,766,0
Notes ,000 points 5.337% 5.887% N/A .91 ,000 00 U.S.$6.91
-------- ---------------- ---------- ---------- --------- -------- --------- ------------- --------------- ------------
+125
2027 U.S.$1,928,793 basis U.S.$982 U.S.$301,932 U.S.$1,626,861
Notes ,000 points 4.679% 5.929% N/A .86 ,000 ,000 U.S.$2.09
-------- ---------------- ---------- ---------- --------- -------- --------- ------------- --------------- ------------
The expected Settlement Date in respect of the Capped Offers is
22 September 2023. All Notes that are not accepted for purchase
pursuant to the Capped Offers will be returned on Settlement
Date.
Disclaimer
This announcement does not contain the full terms and conditions
of the Offers. The terms and conditions of the Offers are contained
in the Tender Offer Memorandum and are subject to the offer
restrictions set out below and more fully described therein. Each
Holder must make its own analysis and investigations regarding the
Offers, with particular reference to its own investment objectives
and experience and any other factors, which may be relevant to it.
If such person is in any doubt about any aspect of the Offers
and/or action it should take, including in respect of tax
consequences, it should consult its own professional advisers.
This announcement is released by the Government and contains
information that qualified or may have qualified as inside
information for the purposes of Article 7 of the Market Abuse
Regulation (EU) 596/2014 (MAR), encompassing information relating
to the Offers described above. For the purposes of MAR and Article
2 of Commission Implementing Regulation (EU) 2016/1055 and UK MAR
and Article 2 of Commission Implementing Regulation (EU) 2016/1055,
as it forms part of UK domestic law by virtue of the European Union
(Withdrawal) Act 2018, this announcement is made by the Minister of
Finance of the Sultanate of Oman.
Further information
J.P. Morgan Securities plc and Standard Chartered Bank have been
appointed by the Government to serve as dealer managers for the
Offer. Morrow Sodali Ltd (the " Tender Agent ") has been appointed
by the Government to act as the tender agent in connection with the
Offer.
For additional information regarding the terms of the Offer,
please contact J.P. Morgan Securities plc by email at
Em_europe_lm@jpmorgan.com and Standard Chartered Bank by email at
liability_management@sc.com. Questions regarding the tender of
Securities may be directed to Morrow Sodali Ltd via email:
Oman@investor.morrowsodali.com.
The Tender Offer Memorandum is available on the Tender Offer
Website accessible at https://projects.morrowsodali.com/Oman .
The relevant Tender Consideration, if paid by the Government
with respect to Securities accepted for purchase, will not
necessarily reflect the actual value of such Securities. Each
Holder should independently analyse the value of the Securities and
make an independent assessment of the terms of the Offers. None of
the Government, the Dealer Managers or the Tender Agent, nor any of
their respective affiliates has or will express any opinion as to
whether the terms of the Offers are fair. None of the Government,
the Dealer Managers or the Tender Agent, nor any of their
respective affiliates makes any recommendation that any Holder
submit an offer to sell or tender Securities or refrain from doing
so pursuant to any Offer, and no one has been authorised by any of
them to make any such recommendation.
[1] Per U.S. $1,000 principal amount of the Notes purchased
pursuant to the Capped Offers.
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END
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